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NBR publishes the Income Tax Act 2022 draft law in Bangla for the first time in 100 years
The National Board of Revenue (NBR) has for the first time published the draft of ‘Income Tax Act 2022’ in Bangla by simplifying the Income Tax Ordinance with some amendments.
According to the new proposed income tax law, if an individual or organization pays additional taxes, it will be automatically refunded directly to their bank account.
“After publishing the new draft, NBR will take the advice of the stakeholders till November 25, after which it will be sent to the cabinet department for final approval,” said NBR chairman Abu Hena Md Rahmatul Muneem.
The NBR chairman said workshops and seminars would be organized with various stakeholders before the draft law is finally sent to the cabinet division.
He also added that the NBR will seek advice from various ministries on the draft law.
In a press conference at the revenue building’s conference room in the capital’s Segunbagicha on Sunday, it was said that the 100-year-old Income-tax Ordinance had been drafted in Bangla to make it modern and simple.
The ordinance previously had ambiguity in many cases for which it raised confusion and therefore it has now been transformed into the Bengali language.
“Under the previous law, one had to search in different places to understand a subject but now all the provisions of the law on the same subject have been inserted in one place and this will make the implementation much easier,” he added.
In response to a question in the context of the newly added additional tax refund, Alamgir Hossain, member (Tax Policy) of NBR, said: “In the new Income Tax Act there is a provision for an automatic tax refund through a bank account.”
In other words, if any person or organization pays additional tax, it will be refunded directly to the bank account automatically.
According to him, the draft law also proposes e-tax management for taxpayers to ensure good international practices and a business-friendly environment.
This is the first time in 100 years since the Income-tax Act 1922 (Act Xl of 1922) was enacted that the NBR has published it in Bangla.
NBR believes that such initiatives will accelerate the country’s economy and ensure greater financial discipline.
(DT)
